Insurance Underwriters Job Description
The Insurance Underwriter reviews individual applications for insurance to evaluate degree of risk involved and determine acceptance of applications.
Objectives:
The Insurance Underwriter decreases value of policy when risk is substandard and specify applicable endorsements or apply rating to ensure safe profitable distribution of risks, using reference materials. The Insurance Underwriter knows that he must decline excessive risks. Part of the Insurance Underwriter job function is to write to field representatives, medical personnel, and others to obtain further information, quote rates, or explain company underwriting policies. The Insurance Underwriter reviews company records to determine amount of insurance in force on single risk or group of closely related risks. The Insurance Underwriter examines documents to determine degree of risk from such factors as applicant financial standing and value and condition of property. The Insurance Underwriter authorizes reinsurance of policy when risk is high. The Insurance Underwriter evaluates possibility of losses due to catastrophe or excessive insurance.
Activities:
Insurance Underwriters must give full attention to what other people are saying, taking time to understand points being made, asking questions as appropriate, and not interrupting at inappropriate times. They must use logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions or approaches to problems. They must written sentences and paragraphs in work related documents. They must communicate effectively in writing as appropriate for the needs of the audience. They must be able to talk to others to convey information effectively. They must understand the implications of new information for both current and future problem solving and decision making. They must consider the relative costs and benefits of potential actions to choose the most appropriate one. They must identify complex problems and review related information to develop and evaluate options and implement solutions. They must actively look for ways to help people.
Abilities:
Insurance Underwriters must have the ability to read and understand information and ideas presented in writing. They must have the ability to listen to and understand information and ideas presented through spoken words and sentences. They must have the ability to combine pieces of information to form general rules or conclusions this includes finding a relationship among seemingly unrelated events. They must have the ability to communicate information and ideas in writing so others will understand. They must have the ability to apply general rules to specific problems to produce answers that make sense. They must have the ability to speak clearly so others can understand you. They need the ability to see details at close range within a few feet.
Obviously they are doing a lot of paper work but at times they need to find details in at risk factors or accidents. They need to be able to tell when something is wrong or is likely to go wrong. It does not involve solving the problem, only recognizing there is a problem. Often they rely on other resources to solve the problem. Since Insurance Underwriters are working with many different people they need to have the ability to recognize and understand different speech patterns. They need to observe, receive, and otherwise obtain information from all relevant sources. They analyze information and evaluate results to choose the best solution and solve problems. They must have the ability to identify the underlying principles, reasons, or facts of information by breaking down information or data into separate parts.
They compile, code, categorize, calculate, tabulate, audit, or verify information or data. They are responsible for the entering, transcribing, recording, storing, or maintaining information in written or electronic form. They must use relevant information and individual judgment to determine whether events or processes comply with laws, regulations, or standards. They must be able to keep up to date technically and apply new knowledge to their job as required by the law and as required by the company that they work for. They need to develop constructive and cooperative working relationships with others, and maintain them over time. It is very important that they build up a good report with those they work with as well as those they are doing business for.
